IMARC Group's latest report, titled "Urea Formaldehyde Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global urea formaldehyde market size reached US$ 9.5 Billion in 2022. Urea-formaldehyde, also known as urea-methanal, refers to a non-transparent thermoset synthetic resin made from a chemical reaction between urea and formaldehyde. It is used as an adhesive and insulating agent in molding electrical items, such as desk lamps, to prevent electric shocks. It can resist high temperatures and has high tensile strength, flexural modulus, surface hardness, minimal water absorption, and mold shrinkage. As a result, urea formaldehyde finds extensive applications as binders in manufacturing plastics, bottle caps, particle boards, and foams for creating artificial snow in movies and amusement parks across the globe.
Global Urea Formaldehyde Market Trends:
The rising construction of residential and commercial buildings owing to the expanding global population represents the primary factor driving the market growth. Moreover, urea-formaldehyde foams are widely used as thermal insulators in walls to offer conventional insulation due to their excellent insulating properties. In line with this, the rising use of plywood and medium-density fiberboard in construction activities is positively influencing market growth. Apart from this, the increasing use of urea-formaldehyde in the agricultural field as a source of slow-release nitrogen fertilizer is another major growth-inducing factor. Additionally, urea-formaldehyde helps improve soil permeability, tightly bind the particles, reduce the release rate, and promote the formation of an aggregated soil structure. Consequently, the escalating demand for urea formaldehyde fertilizers, which are degraded by microbes into formaldehyde and urea used as a nitrogen source and supports the healthy development of foliage and fruit, is propelling the market growth. Furthermore, there has been a rise in the use of synthetic resin in papermaking as it improves the wet strength of paper and reduces the production of dull sheets. Along with this, the rising use of paper to overcome the environmental impact of plastics is contributing to market growth. Besides this, the escalating demand for good quality and affordable adhesives and resins in the electronics and automotive industries has catalyzed market growth. Other factors, including the increasing demand for particle boards from the furniture sector, rising infrastructure modernization, and rapid urbanization and industrialization, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 12.1 Billion by 2028, expanding at a CAGR of 3.9% during 2023-2028.
- Based on the type, the market has been bifurcated into urea formaldehyde powder and solution.
- On the basis of the application, the market has been divided into particle board, medium-density fibreboard, plywood, adhesives and coatings, molding compounds, and others.
- The market has been segmented based on the end use industry into furniture, building and construction, transportation, electrical and electronics, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being AB Achema (Koncernas Achemos Grupe), Acron Group, Asta Chemicals Sdn. Bhd., BASF SE, Borealis AG (OMV AG), Foresa, Gruppo Frati S.p.A, Hexion Inc., Mansoura for Resins & Chemical Industries Co. (MRI), and Metafrax Chemicals.
|Base Year of the Analysis
||Type, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AB Achema (Koncernas Achemos Grupe), Acron Group, Asta Chemicals Sdn. Bhd., BASF SE, Borealis AG (OMV AG), Foresa, Gruppo Frati S.p.A, Hexion Inc., Mansoura for Resins & Chemical Industries Co. (MRI) and Metafrax Chemicals
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